Time for a Financial Planning Tune-up

We hope everyone is remaining safe and healthy as we all adjust to the reality of quarantine. But let’s try and make the best of this situation. From a financial health perspective, let’s put aside the market volatility and focus instead on those small things that can be improved during this period of uncertainty. Much like a car we begrudgingly take into the shop, it’s perfectly reasonable to admit that we all have financial planning trouble spots that might have been ignored for far too long.

Creating—and sticking to—a household budget

Sure, creating a household budget is financial planning’s most basic tool, but it’s still the most important. Understandably, when our jobs are secure, and the stock market is soaring, we tend to put our monthly budgets on autopilot. With the current uncertainty, you might find it useful to revisit your household’s spending patterns and sources of income. Take a look at your bank or credit card statements to look for some excess spending items that have gone unnoticed. 

Evaluate your insurance coverage

Your needs will vary based on your personal situation, but health, life, and long-term care insurance should be part of your overall financial plan. If you already have coverage, make sure your coverage is adequate.

Begin an education savings plan

The dramatic increase in higher education costs has been well-documented, so saving for your children or grandchildrens’ education is more vital than ever.

Prepare estate planning documents

During these anxious times, estate planning is likely the last thing you want to think about, but it’s also more imperative than ever. Wills, trusts, and beneficiaries should be established or updated. Even if it’s simply updating the beneficiaries on your retirement accounts, all relevant information should be updated for accuracy.

Look for possible rollovers

Throughout a lifetime of employment, it’s possible that you have some 401(k) plan balances from old employers. The balances might be small, but the consolidation of accounts will simplify and streamline your overall financial plan.

If you are looking to address these financial planning areas—or any area for that matter—do not hesitate to reach out to us at Multnomah Group. We are happy to help you navigate through these stressful times.

Multnomah Group is a registered investment adviser, registered with the Securities and Exchange Commission. Any information contained herein or on Multnomah Group’s website is provided for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and, unless otherwise stated, are not guaranteed. Multnomah Group does not provide legal or tax advice.

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